UAE to launch fourth international airport
Work on the US$3.3 billion, 60 million sqft, Ajman International Airport is expected to begin by the middle of next year.
The plan for the UAE's fourth international airport was approved by the emirate's ruler, His Highness Sheikh Humaid Bin Rashid Al Nuaimi, earlier this month. The new hub will serve one million passengers a year, handling a minimum of 400,000 tonnes of cargo, which will account for 70% of airport services, an official told Gulf News.
The Spanish corporation, Grupo Inmobiliario Whitelake is to lead the project, developing both the airport and nearby residential and commercial properties.
"Initial investment of over $400 million has come in from Spanish companies looking to develop the property and another amount was financed from local banks," Whitelake's director of finance, Alex Mond told Gulf News.
Letters of intent for landing rights had been received from 25 airlines so far, Mond added, though none had been confirmed.